An important part of estate planning is deciding who is going to help you manage your estate or become the person in charge of your estate if you’re no longer able to make decisions yourself. If you are concerned about what happens to your investments or your home in those circumstances, a good choice might be to set up a revocable trust.
Your savings, investments, real estate, etc. can all be placed into a revocable trust. It is a type of trust that can have the provisions altered or cancelled depending on the wishes of the originator of the trust, or grantor. The assets and rules by which they are managed can be changed up until the death of the grantor when it become irrevocable and the property transfers to the predetermined beneficiaries of the trust.
Usually, a person is placed in charge of the trust, called a trustee. Most of the time, but not always, the grantor assigns themselves the role of trustee. The trustee manages the assets or property held by the trust and is responsible for distributing those assets upon the grantor’s death. Circumstances may change in terms of the value of the investments, or parts of the estate may need to be added to or subtracted from the trust from time to time.
There are several advantages to a revocable trust, the most obvious being that the conditions of the trust (even including the trustee) can change during the lifetime of the grantor. This allows a great deal of flexibility in making additions or subtractions to the assets of the trust and allows the grantor to ensure that the manager of the assets remains someone they can trust and whom they believe are making the best decisions for those assets. Most importantly, people use revocable trusts mainly to skip probate. With probate, the process usually takes months, costs thousands of dollars, involves a judge, and the contents of your will are public knowledge. With a revocable trust, however, the details are private and you can distribute the assets of the deceased the next day.
Elder Law of Georgia can help you ensure your wishes for future health care concerns are respected and followed.
A revocable trust is only one of many tools that might be right for you to consider as you move forward with your estate planning. Our team is ready to get to work helping you plan for the future and ensure that your wishes for your health and well-being are carried out. To get started, call Elder Law of Georgia, P.C., today at 678-971-4971 or send us an email to schedule a consultation. We often make home visits for those who cannot visit our office in Gainesville.
